How to Save $1000 a Month
In case you are looking to save $1000 a month, you need to take some extreme measures. Keep in mind that this is a decent amount of money and you need to have a proper plan. You can use this money for buying a new car, going on vacation, buying something you desire and even paying off your debts. Follow some simple guidelines to help you save $1000 a month.
Things Required:
– List of expenses
– Spending limits
– Envelopes
– Bank account
– Automatic deposit
Instructions
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1
Make a realistic budget
You are required to make a realistic budget by writing down all of your monthly expenses. Spend a month to note each and every expense ranging from your house bills to your coffee. After setting a realistic budget, you can set a goal of saving $1000 every month. -
2
Wait before you buy
You should always wait a few weeks or even a month for the things you are going to buy. Doing this will help you decide whether or not you actually need the items or not. In addition, you might get the same item for a discount if sales start after your waiting period. You should always ask the salesperson when discounts will be offered and visit the shop at that time. Try to eliminate impulse shopping and buying things that you really don't need to help you save a $1000 a month. -
3
Set a limit on your monthly expenditure
You need to set aside a specific amount of money to spend on entertainment or your essentials. Get some envelopes and place a specific amount of money in them. Label each one for different things you do like spending at a coffee shop, watching a movie or eating out. You need to stop spending once the envelopes are empty. By doing this you will enjoy these things but won’t spend more than you have set aside. This technique is an excellent way to save $1000 a month. -
4
Automatic deposits
It is a good idea to get your paycheck directly deposited in to your bank account. This can really save you a lot of money as you will have to either go to the bank or use a debit card to access your cash. Having cash in hand usually encourages spending, so it a good idea to let the bank hold your money. Keeping limited access to your money will definitely help you save $1000 per month.
